JPEX Cryptocurrency Platform Faces Legal Scrutiny

In a plot twist, Taiwanese singer Nine Chen, better known as Chen Lingjiu, entangled in a web of investments, now faces legal repercussions. The Hong Kong-based JPEX exchange, once endorsed by Chen, is under investigation for illegal investment solicitation by the Northern District Prosecutors Office. Initially a witness, Chen now finds himself a defendant, adding an unexpected layer to his challenges.

Chen's Varied Investments and Financial Risks

Known for his business savvy, Chen diversified into streetwear, restaurants, NFTs, escape rooms, and cyber poker. While his streetwear venture thrives with an eight-figure annual turnover, others yield mixed results. Acknowledging financial risks, Chen adjusts holdings based on performance. Amid the NFT boom, he earned over NT$20 million, but a toy store venture resulted in a six-figure loss, leading to an exit.

YOLO Cat Club that is launched by Chen with assistance from FOMO Dog Club.

Chen bought Danish Landmark NFT by MetaStore NFT for 5.409eth last year (priced at about US$15,936.34 back then). The project is now inactive with its official website inaccessible and last update on social media was mid of 2022.

Navigating Turbulent Investment Landscapes

FTX, the world's second-largest crypto exchange, faced bankruptcy last year, causing Chen a US$150,000 loss. However, his prudent risk management mitigated the impact. The JPEX saga added another layer, with Chen revealing non-receipt of a multimillion-dollar endorsement fee and a 10-15% asset loss. His reputation also suffers, marking him as a victim in the alleged fraud.

Nine Chen's Resilience Amidst Challenges

Despite legal woes, Nine Chen gears up for a debut at Taipei Arena on November 25 with Singaporean singer-songwriter, Kenny Khoo, better known as Qiu Fengze, as a duo group – "Jiu-Ze CP" (九澤CP). Amid rigorous training, a recent Instagram story features a caption, "Didn't do means didn't do; keep doing what needs to be done," seemingly addressing the fraud allegations. His manager affirms ongoing cooperation with the police investigation, aiming for a swift resolution.

The Instagram story that Chen posted with the caption.

(Updated)

Chen Released Statement to Clarify

In light of the growing complexity surrounding the JPEX case, Chen has taken to Instagram to share his stance and dispel the rumors circulating, alleviating unwarranted concerns among family, friends, and fans.

His statement as below (translated):

Actually, I'm not avoiding explanations, but this world has been divided into "reality" and "virtual," two seemingly separate yet closely linked realms representing different aspects of oneself. The reason I didn't explain immediately is that I chose to first deal with the rules of "reality," specifically the legal rules of a rule-of-law country. I went to the investigative bureau and the district prosecutor's office as a "witness," and I went to the police station to provide a statement due to a citizen's complaint, which might potentially turn me into a "defendant." Or have I already "become" a "defendant"?

All the information from various media outlets differs, and even I am confused about what exactly happened. However, in the future, I will fully cooperate with the investigation and provide explanations. I have recorded everything I said to the prosecutors and investigators, and I have provided all the information I can. The "law" will use evidence to reveal the outcome of this matter.

The reason I'm posting this today is to address the "virtual" aspect, which includes the internet, community platforms, new media, and influencers, all representing the rules of the "virtual" world, particularly "public opinion."

Due to the continuous news coverage and the prevailing attitude of quick judgment, speculation, and shooting before asking questions, I have seen unfounded statements in many places. Handling both "reality" and "virtual" has left me physically and mentally exhausted. Before the truth is revealed in "reality" and "law," if I keep trying to respond to all the "virtual" opinions, I believe it would be an endless task. For now, I choose not to respond to many unfounded comments, provocations, and unchecked statements from influencers, internet celebrities, and online personalities.

(Here, if you are attention-grabbing, interesting, clever, and have traffic, you can survive because no one cares about what kind of person you are in the real world. You can also use these "public opinions" in the virtual world to harm someone. Unless that person dies in the real world due to "public opinion," you won't feel any guilt, and you might not feel that guilty if that person didn't die in front of you.)

However, because of this, my family and friends who support me are extremely worried. My mom's friend called her saying I was being detained, but at that time, I was with my band, so I felt the need to say something to reassure my friends. I have evidence to prove my innocence, and I have provided what is necessary to the investigative authorities. Of course, I did make mistakes in this whole incident, and I have learned a big lesson. I deeply reflect on it. I apologize for making those who support me sad or disappointed. But what I didn't do, I didn't do. After the "reality" of the event concludes, I will provide a more comprehensive response in the "virtual" world. Thank you.